On January 1, 2019, Parflex Corporation exchanged $344,000 cash for 90 percent of Eagle Corporations outstanding voting stock. Eagles acquisition date balance sheet follows:

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Cash and receivables Inventory Property and equipment (net) $ 15,000 35,000 350,000 $ 400,000 Liabilities Common stock Retained earnings $ 76,000 150,000 174,000 $ 400,000 On January 1, 2019, Parflex prepared the following fair-value allocation schedule: Consideration transferred by Parflex 10% noncontrolling interest fair value Fair value of Eagle Book value of Eagle Excess fair over book value to equipment (undervalued, remaining life of 9 years) to goodwill (indefinite life) $344,000 36,000 380,000 324,000 56,000 18,000 $ 38,000 The companies' financial statements for the year ending December 31, 2021, follow: $ Sales Cost of goods sold Depreciation expense Equity in Eagle's earnings Separate company net income Parflex (862,000) 515,000 191,200 (79,200) (235,000) Eagle $ (366,000) 209,000 67,000 0 $ (90,000) $ Retained earnings 1/1 Net income Dividends declared Retained earnings 12/31 $ (500,000) (235,000) 130,000 $ (605,000) $ (278,000) (90,000) 27,000 $ (341,000) $ $ Cash and receivables Inventory Investment in Eagle 135,000 255,000 488,900 82,000 136,000 0 Property and equipment (net) Total assets 964,000 $ 1,842,900 328,000 $ 546,000 Liabilities Common stock-Parflex Common stock-Eagle Retained earnings 12/31 Total liabilities and owners' equity $ (722,900) (515,000) 0 (605,000) $(1,842,900) $ (55,000) 0 (150,000) (341,000) $ (546,000) At year-end, there were no intra-entity receivables or payables. Sales $ (862,000) 515,000 191,200 (79,200) $ (235,000) $ (366,000) 209,000 67,000 $ (1,228,000) 724,000 260,200 2,000 79,200 0 0 $ (90,000) (8,800) $ $ 278,000 8,800 (23,500) (500,000) (235,000) 130,000 (605,000) 24,300 2,700 Cost of goods sold Depreciation expense Equity in Eagle's earnings Separate company net income Consolidated net income to noncontrolling interest to Parflex Corporation Retained earnings 1/1 Net income Dividends declared Retained earnings 12/31 Cash and receivables Inventory Investment in Eagle Property & equipment (net) Goodwill Total assets Liabilities Common stock NCI 1/1 NCI 12/31 Retained earnings 12/31 Total liabilities and equities $ (500,000) (235,000) 130,000 $ (605,000) $ 135,000 255,000 488,900 964,000 $ (278,000) (90,000) 27,000 $ (341,000) $ 82,000 136,000 0 24,300 14,000 38,000 385,200 2,000 328,000 79,200 $ 1,842,900 $ (722,900) (515,000) $ 546,000 $ (55,000) (150,000) 150,000 (11,500) 42,800 X 1,400 1,800 457,500 (605,000) $ (1,842,900) (341,000) $ (546,000) 585,500